The fishery difficulty in Newfoundland appears to be a serious
one. The French, under old treaties, have a right to fish on the Newfoundland banks, and do so. That is fair competition ; but the French Government, in order to foster their maritime reserves, now give their fishermen a bounty of 8e. 6d. per quintal, the total value of good cod being from 12s. 6d. to 14s. per quintal. The French fishermen, therefore, are able to undersell the Newfoundland fishermen so completely, that the trade of the latter, worth more than £2,000,000 a year, is almost or wholly ruined. As cod is the principal source of income in Newfoundland, the Colonists passed a law for- bidding the sale of bait to French fishermen ; but the Colonial Office, moved by strong representations from France, has disallowed the Act for the year. Sir Henry Holland, in his letter, moreover, hints, as the Colonists will think, that he may not be able to allow it even in future. We hope, however, this is a wrong interpretation of the letter, for clearly the Newfoundlanders have a right to protect themselves against the bounties, in any way not barred by treaty. The right of fishing stupidly conceded to the French was clearly only a right to " fish fair."
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